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Fortress acquires Intrawest through a US$2.8 billion plan of arrangement

Date Closed

October 26, 2006

Lead Office



2.80 Billion USD

On October 26, 2006, Intrawest Corporation was acquired, indirectly, by funds managed by affiliates of Fortress Investment Group LLC.  In February 2006, Intrawest announced that it was undertaking a review of options for enhancing shareholder value. The auction process that ensued culminated in the announcement, on August 11, 2006, that Intrawest and Fortress had entered into an agreement under which Fortress would acquire all of Intrawest's outstanding common shares for US$35  per share, in cash. The total value of the transaction, including Intrawest's existing debt, was approximately US$2.8 billion. The acquisition was carried out by way of a plan of arrangement under the Canada Business Corporations Act.  Intrawest's securityholders approved the transaction on October 17, 2006, and the British Columbia Supreme Court approved the plan of arrangement on October 24, 2006.

McCarthy Tétrault LLP advised Intrawest, with a team led by Rosemarie Wertschek, and included Trevor Bell, Oliver Borgers, Donna Cooke, Scot Diamond, John Doolan, Greg Fabbro, Alasdair Federico, David Ford, Owen Johnson, Timothy Kwan, Nazma Lee, Warren Milman, Peter Quinn, Gabrielle Richards, Lorne Salzman, Craig Shirreff, Rene Sorell, Michael Urbani, Brian Vick, and Jerald Wortsman.